Regardless if this is the first time you and your partner will be living together or if you’ve been cohabitating for years, deciding to purchase your first home together is a huge step in any relationship! Although there are countless things to consider when starting this next chapter, you’ll want to make sure you’re on the same page with (at least!) these few important things before jumping into a mortgage.
Your finances.
We get it, having the “money talk” with your partner probably isn’t high on your list of things to look forward to! But by having these uncomfortable conversations early will help you both better understand where you’re at financially and mentally. To help get the conversation started, we’ve pulled together a few money-talk tips.
Your must-haves.
We all have our preferences, but when it comes to purchasing a home, you’ll want to make sure you both are happy and your non-negotiables are attained. For some, it may be to have a garage with room to work on cars or a large kitchen with an island, whereas others may value school districts or proximity to the nearest shopping mall. Deciphering wants from needs is an important conversation to have, especially when tighter budgets come into play.
Your future plans.
If you intend on growing your family in the near future or foresee working from home a lot more, you’ll want to make sure your new home can accommodate your future lifestyle. Determining whether you’re wanting a starter or forever home up-front could greatly influence which home you decide to go with. So try to dig deep with your partner and understand their expectations and if they think this home is intended to last a lifetime, or just the next few years.
Eight additional questions to consider:
- Why do you want to own a home?
- Let’s say we find out dream home. What’s one thing that would make you back out of buying it?
- What’s one thing you’re willing to compromise on for a home, and one thing you won’t?
- How will we split the monthly costs of a home?
- What happens in the event of a breakup?
- Are there any household chores you prefer to do or on the contrary, dislike the most?
- What living conditions will annoy you more than you’ll admit?
- Are there any financial red flags we’re going to have to work through?
